Project portfolio management is a way for organizations to manage multiple projects together to achieve strategic goals. It involves selecting the right projects, allocating resources wisely, and coordinating efforts for success. The system focuses on creating a portfolio of projects that work together efficiently. The key foundations include choosing projects carefully, using resources effectively, aligning with strategic goals, and ensuring good communication among project managers. The article discusses definitions, models, and the process of setting up a project portfolio management system, as well as the role of Project Management Offices (PMO) in this approach.